Latest ESRI Forecast Predicts Strong GDP Growth in 2015 and 2016

September 30, 2015

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Macroeconomics
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  • GDP expected to grow at approximately 6 per cent in 2015
  • Forecasts for 2016 indicate that the economy will grow by 4.5 per cent
  • Unemployment forecast to fall to 9 per cent by the end of 2015 and 8 per cent by the end of 2016


The strong economic growth currently being observed is expected to continue into 2016, with Ireland's Gross Domestic Product (GNP) forecast to grow by approximately 6 per cent in 2015 and 4.5 per cent in 2016, according to the latest analysis by researchers at the Economic and Social Research Institute (ESRI).
In the Quarterly Economic Commentary, Autumn 2015, published today (Wednesday, 30 September 2015), researchers predict a growth in GDP of 6 per cent in 2015 and of 4.5 per cent in 2016. Declines in unemployment are also expected, with the headline rate envisaged to fall to 8.1 per cent by the end of 2016.

Speaking about the report, Dr Kieran McQuinn (ESRI) said “We believe the pace of growth has accelerated in the economy and we now forecast an increase in GDP of 6 per cent this year and 4.5 per cent in 2016. A notable feature of economic performance this year has been the increase observed in personal consumption indicating that households are finally beginning to experience the recovery.”

Co-editor Dr David Duffy (ESRI) said that “In our view the increase in the pace of economic growth reinforces the case for a neutral budget this year. As the economy is now growing strongly, we do not see any macroeconomic rationale for stimulating further the level of economic activity.”

For further information please contact:

Kieran McQuinn, Associate Research Professor, The Economic and Social Research Institute 

Email: kieran.mcquinn@esri.ie